Jammu Feb 9: J&K Industrial Sector has received a shot in the arm as the state government has secured ten year extension of Central Excise Package/Refund on Value Addition for the State from the Union Finance Ministry. A notification to this effect has already been issued by the Centre.    
 The extension of the sops has come following sustained efforts by Chief Omar Abdullah, who has been pursuing the matter with the Union Government, an official statement said here today.
 The fresh notification, besides, extending existing refund on Value Addition to ten more years, also provides exemption of requirement of Khasra Nos for establishment of any Industrial unit in J&K, for it being a neutral location. The existing units would also be covered under the fresh exemptions. The existing units can take substantial expansion or diversification with 25 percent increase in capital investment on plant and machinery or increase in regular employment by the same percentage.
 This, according to the statement, was stated by the Minister for Industries and Commerce, Surjit Singh Slathia at a meeting of officers of Directorate of Industries, Jammu Presidents Jammu/Srinagar Chamber of Commerce and other renowned Industrialists of the State.
 Slathia greeted the industrial fraternity on the issuance of the Notification by the Union Ministry of Finance (Revenue Department). 
 The Minister enjoined upon the industrialists to ensure the absorption of at least 50 per cent local unskilled labour in their respective units. He said the cooperation by the industrial units would supplement the government’s efforts to tackle the unemployment problem in the state. He also sought cooperation of industrialists in resolving their pending issues, which among other things, includes revival of sick units.
 He said the extension the Central Excise Package has become possible   with the keen interest evinced by the Chief Minister, Omar Abdullah by frequently taking up the matter with the Prime Minister and Union Finance Minister.
 The industrialists, overwhelmed by the extension of the package,   expressed their thanks to the Prime Minister, Union Finance Minister, Chief Minister and the State Finance Minister.

Lastupdate on : Tue, 9 Feb 2010 21:30:00 Makkah time
Lastupdate on : Tue, 9 Feb 2010 18:30:00 GMT
Lastupdate on : Wed, 10 Feb 2010 00:00:00 IST